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The Problem with Foreclosures & Power of Sale: Are these homes really your best deal 3

By
Real Estate Agent with Remax Legacy Realty Inc

Many people believe that properties offered as Power of Sale or Foreclosure are your best bet for finding great deals in real estate.   As an experienced realtor, I can tell you that as property prices rise in a healthy market – sometimes these “bargain deals” can be more trouble then they are worth.  Remember that bank sale properties are usually sold in As-Is condition – without any warranty or guarantee from the seller.  Issues can include general condition, structural issues, grow house usage and/or title problems.  Are these homes really best real estate deals in Toronto?

 

house, costAs the Greater Toronto Area is experiencing a surge in real estate prices and volumes, often under-priced homes sell for well above the asking price - with multiple offers.  Likewise, Foreclosures and Power of Sales usually have lots of competition because so many people are targeting these properties.  Since these homes are sold in “As-Is Condition,” it can be difficult to determine what is, in fact, a true bargain. With the help of your real estate agent, do a thorough analysis on any home you're thinking of purchasing to determine the value vs. price.

 

If you are willing to take the risk, you may be rewarded – but it is often not as easy as it seems.  Buyers can discover that in a hot market, considering the best overall value for a home can often lead to better results than focusing in finding that killer deal.  The key is to find the best home that meets your needs and is available at a reasonable price – then leverage your agent to negotiate the best possible terms of the deal.  We will consider these aspects of home buying over the course of the next few blogs.

 

Buy a Toronto home when your circumstances dictate, and buy based on value. As your Toronto Realtor®, I am eager to find you an AWESOME deal based on your needs.  I want you to get the best value on your home - even in our hot market.  Please check out the details of my Awesome Asim VIP Home Buying Program on my website.

 

Please read our next blog for insights on the next steps in buying a home.

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